Victorians put a price on happiness: $10 million to realise their dreams

Victorians have put a price on their own happiness, with most saying they would need to a lotto windfall of at least $10 million to realise their dreams.

The Tatts survey, conducted by ReachTEL, was conducted in time for International Day of Happiness, today 20 March.

It found just over a third of Victorian adults said they would need at least $10 million to realise their dreams. But another quarter (24.8%) of respondents named $1 million as their dream price tag. (See Table 1)

The latest results mark a dramatic shift in Victorians’ thinking as just six months ago most Victorians said they only needed $1 million to fulfill their dreams.

When asked how a big lotto win might bring them happiness, about a quarter of Victorians (23.9%) said it would be being debt free and financially secure. More than a quarter (29.9%) said being able to help out family and friends would also make them happy. (See Table 2)

Tatts spokesperson Matt Hart said the results highlighted how Victorians had diverse thoughts on what they thought could make them happy.

“From speaking to our million-dollar winners, it’s clear that everyone has a different and unique dream. For some, it’s paying off their mortgage and going on a Mediterranean cruise, while for others it’s that long overdue trip to the dentist and being able to go to the salon rather than colour your hair at home,” he said.

“It’s surprising to see that in 2017 Victorians’ dreams have suddenly become ten times more expensive to realise!

“Sadly, this survey suggests that Victorian adults are feeling their dreams are a little more out of reach, perhaps because of concerns about the cost of living, the economy or maybe recent international developments.

“Interestingly, previous Tatts research showed most Victorians told us they would also need $10 million to be able to quit work and retire early. So perhaps Victorians have made a correlation between realising their dreams and quitting their jobs! “It’s clear Victoria is a generous state. In the past, only about a quarter (23.6%) have said they would not share a $1 million lotto win with family, friends and charity. This latest survey suggests that the act of helping family and friends is one of the key things that would make a Victorian lotto winner happy.”

Table 1
Question: Of the following, if you won the lottery, what would be the ideal windfall for you to realise your dreams?

Total

QLD

VIC

NSW

SA

$1 million

24.3%

21.6%

24.8%

19.2%

23.1%

$2 million

15.4%

15.8%

14.3%

15.8%

17.4%

$4 million

13.3%

13.7%

10.9%

15.8%

13.2%

$8 million

16.6%

22.6%

12.0%

20.7%

13.2%

At least $10 million

30.4%

26.4%

38.0%

28.6%

33.1%

Table 2
Question: If you won a major lottery windfall, which one of the following do you think would bring you the most happiness?

Total

QLD

VIC

NSW

SA

Feeling free to do what I want

13.8%

12.3%

13.8%

9.4%

10.0%

Being debt free / financially secure

33.3%

38.0%

23.9%

32.2%

53.3%

Being able to retire early

9.9%

11.6%

13.8%

11.2%

5.8%

Being able to spend more time with family and friends

6.4%

5.5%

8.2%

8.6%

3.3%

Being able to help family and friends

28.1%

26.7%

29.9%

26.6%

21.7%

Being able to donate to charity

8.4%

5.8%

10.4%

12.0%

5.8%

This survey was conducted using an automated telephone based survey system among 1,199 voters. The data has been weighted to reflect the population age and gender distribution as provided by the ABS. Telephone numbers and the person within the household were selected at random. Copyright ReachTEL Pty Ltd.